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Rupert Murdoch bids to take control of BSkyB

Media giant Rupert Murdoch has reportedly made a takeover approach to BSkyB which would see his News Corporation build on its 39% stake and take control of the operation. It is rumoured that the approach values the company at £12 billion but was immediately rebuffed by the BSkyB board of directors. There is some confusion as to whether there is some middle ground which the two parties can attempt to find or whether indeed Rupert Murdoch could walk away and withdraw his offer.

Despite the fact that BSkyB has been a revolution for the UK media industry, bringing satellite TV to the masses, there has always been uneasy relationship between analysts and the company. Time after time the company has ploughed billions of pounds back into the business with analysts hoping for a return on investment sooner rather than later. If a formal bid does materialise from News Corp it could be the first test of the UK government's new takeover code which is a very sore point in the City.

There are also a number of potential conflicts of interest within News Corporation and BSkyB with James Murdoch, the son of Rupert Murdoch, holding senior executive posts with both companies.

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